EVs on the rise among car loan customers, says CommBank

Electric Vehicles
Image: Getty, electric vehicles

Electric vehicle (EV) adoption is on the rise in Australia.

New CommBank data shows a 37 per cent increase in EV purchases amongst its car loan customers in the last six months (to February 2024) compared to the six months prior.

Furthermore, over the last 12 months, one in five (around 23 per cent) new vehicle car loans with CommBank were for EVs and hybrid models. 

In addition, 17 per cent of its total lending for cars (both new and used) was for EVs and hybrids.

On the back of this data, CommBank says EVs are becoming a more attractive proposition for more people. Among its customers, Tesla Model 3 and Tesla Model Y are the most popular EV choices and make up more than 70 per cent of EVs financed by the bank.

Comparing costs and car loans

Greater interest in EVs and hybrid vehicles has prompted CommBank to create an EV cost comparison calculator. What’s notable about it is the inclusion of estimates on fuel and charging costs, as well as CO2 emissions.

As far as specific loan costs, Mozo also offers car loan customers calculators. For example, the Mozo car loan comparison calculator lets you plug in an amount and term length along with two different interest rates, helping you see the saving potential on a smaller rate.

Take a 35,000 car loan paid over 3 years, which you can compare with both a rate of 11.35% and 10.35%, for instance: The first rate gives a total interest cost (plus fees) of $5,864, as per the calculator, while the second rate gives a total interest cost (plus fees) of $6,460. 

Therefore, the cheaper interest rate saves you $596.

If you’re considering an EV, a good place to start is how much it will cost. The right loan might make the task more manageable and below our experts have handpicked some car loans for you to start comparing!

Compare top car loans - last updated 27 May 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Details
  • Any Age Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    10.69% p.a.
    10.97% p.a.based on $30,000
    over 5 years

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 10.69% would cost $39,053.66 including fees.

    Compare
    Details
  • Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.99% p.a.
    9.68% p.a.based on $10,000
    over 3 years

    Repayment terms from 1 year to 6 years. Representative example: a 3 year $10,000 loan at 8.99% would cost $11,546.23 including fees.

    Compare
    Details